PT Barito Pacific Tbk (ISX:BRPT) Beneish M-Score : -2.52 (As of Jun. 06, 2024)

View and export this data going back to 1993. Start your Free Trial

What is PT Barito Pacific Tbk Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Barito Pacific Tbk's Beneish M-Score or its related term are showing as below:

ISX:BRPT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.48 Max: -0.59
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Barito Pacific Tbk was -0.59. The lowest was -3.30. And the median was -2.48.

PT Barito Pacific Tbk Beneish M-Score Historical Data

The historical data trend for PT Barito Pacific Tbk's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

PT Barito Pacific Tbk Beneish M-Score Chart

PT Barito Pacific Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.43

-3.00

-2.41

-2.03

-2.52

PT Barito Pacific Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.03	-2.31	-2.61	-2.62	-2.52

Competitive Comparison of PT Barito Pacific Tbk's Beneish M-Score

For the Chemicals subindustry, PT Barito Pacific Tbk's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

PT Barito Pacific Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Barito Pacific Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Barito Pacific Tbk's Beneish M-Score falls into.

PT Barito Pacific Tbk Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PT Barito Pacific Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2693

0.528 * 0.7463

0.404 * 0.9248

0.892 * 0.949

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0905

4.679 * -0.012217

0.327 * 1.0249

-2.52

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp5,037,376 Mil.
Revenue was 9989362.965 + 11460344.273 + 10871312.807 + 9801347.146 = Rp42,122,367 Mil.
Gross Profit was 2104899.665 + 2124360.135 + 1991411.137 + 2293085.634 = Rp8,513,757 Mil.
Total Current Assets was Rp55,880,646 Mil.
Total Assets was Rp156,467,179 Mil.
Property, Plant and Equipment(Net PPE) was Rp51,404,937 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,538,687 Mil.
Total Current Liabilities was Rp17,535,646 Mil.
Long-Term Debt & Capital Lease Obligation was Rp61,344,151 Mil.
Net Income was -150013.027 + -239985.343 + 420968.486 + 350764.096 = Rp381,734 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 6535641.005 + 846803.43 + -671602.208 + -4417582.186 = Rp2,293,260 Mil.

Total Receivables was Rp4,181,995 Mil.
Revenue was 9193518.194 + 11577621.682 + 11942743.11 + 11672076.245 = Rp44,385,959 Mil.
Gross Profit was 1795270.314 + 1631001.407 + 1382453.515 + 1886479.211 = Rp6,695,204 Mil.
Total Current Assets was Rp45,275,773 Mil.
Total Assets was Rp145,484,397 Mil.
Property, Plant and Equipment(Net PPE) was Rp50,758,927 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,486,778 Mil.
Total Current Liabilities was Rp12,248,622 Mil.
Long-Term Debt & Capital Lease Obligation was Rp59,311,123 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(5037376.075 / 42122367.191)	/	(4181995.227 / 44385959.231)
	=	0.119589	/	0.094219
	=	1.2693

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(6695204.447 / 44385959.231)	/	(8513756.571 / 42122367.191)
	=	0.150841	/	0.20212
	=	0.7463

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (55880646.3 + 51404936.509) / 156467178.58)	/	(1 - (45275772.511 + 50758926.956) / 145484397.195)
	=	0.314325	/	0.339897
	=	0.9248

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	42122367.191	/	44385959.231
	=	0.949

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 50758926.956))	/	(0 / (0 + 51404936.509))
	=	0	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1538686.865 / 42122367.191)	/	(1486778.364 / 44385959.231)
	=	0.036529	/	0.033497
	=	1.0905

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((61344151.249 + 17535645.629) / 156467178.58)	/	((59311123.241 + 12248622.357) / 145484397.195)
	=	0.50413	/	0.491872
	=	1.0249

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(381734.212 - 0	-	2293260.041)	/	156467178.58
	=	-0.012217

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PT Barito Pacific Tbk has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

PT Barito Pacific Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Barito Pacific Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Barito Pacific Tbk (ISX:BRPT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Barito Pacific Tbk (ISX:BRPT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OB8:Germany

Address

Jalan Let. Jend. S. Parman Kav. 60, Wisma Barito Pacific II, 23rd Floor, Jakarta, IDN, 11410

Website

https://www.barito-pacific.com

PT Barito Pacific Tbk through its subsidiaries engaged in Forestry, Plantation, Mining, Property, Trading, Renewable Energy, and Transportation business. The company's segment includes Petrochemical, Building and hotel management, Energy and resources, and others. It produces and markets feedstocks, for the downstream plastics industry, and plantation commodities. The company derives most of its revenue from the Petrochemical segment.

PT Barito Pacific Tbk (ISX:BRPT) Headlines

No Headlines